Broadwind Energy (BWEN) Initial Look
The Basic Story: Micro cap industrial player with a focus on towers for North American wind projects through their Heavy Fabrications division. Margins are thin due to a number of temporary factors but the balance sheet carries very little debt and overhead is relatively low. As production utilization rebounds we see the potential for margin re-expansion. This higher utilization of their primary Heavy Fabrications segment is to be driven by the strong tower order flow of 2019 and, as evidenced by almost daily wind industry orders from the